Bitcoin (BTC), the world’s largest cryptocurrency, has dropped to around $56,000 as bearish sentiment continues to weigh on the digital asset market. This decline, combined with losses in altcoins, has resulted in significant market value reductions across the cryptocurrency space.
Bitcoin Price Analysis
As of now, Bitcoin is trading at $56,523.81, reflecting a 1% decrease over the past 24 hours, according to CoinMarketCap data. Over the past week, BTC has lost 3.94%, while it remains down 1.16% for the past month. Despite the recent downturn, Bitcoin is still up by an impressive 119.63% since September 2023. However, it is 23.31% below its all-time high of $73,750. Currently, Bitcoin’s market cap stands at $1.113 trillion, giving it a 56.2% dominance in the crypto market.
Altcoins Facing Similar Struggles
Litecoin (LTC) is also experiencing a dip, down 1.27% in the last 24 hours, trading at $65.97. Litecoin, ranked as the 18th largest cryptocurrency, holds a market cap of $4.9 billion with a trading volume of $413 million. Despite this, LTC has gained 5.97% over the last week and 10.82% over the past month.
Polkadot (DOT), the 16th largest crypto by market cap, has seen its price decrease by 0.17% in the last 24 hours, with its current price at $4.03. DOT’s market cap stands at $6 billion, but its trading volume has dropped by 29% to $81 million. Over the past seven days, DOT is down 5.49% and has lost 11.71% in the last month.
FET Token: Mixed Performance Despite Downturn
Artificial Superintelligence Alliance (FET), an AI-focused cryptocurrency, is down 4.80% over the past day, trading at $1.06. FET has a market cap of $2.6 billion and a trading volume of $137 million, which has decreased by 24%. While the token has seen a 4.43% drop over the past week, it has surged by 22.17% in the last 30 days and an impressive 328.62% since September 2023.
Conclusion
The crypto market continues to face downward pressure, with Bitcoin struggling to regain momentum and altcoins like Litecoin and Polkadot facing similar challenges. While FET shows promise with its recent gains, the broader market sentiment remains bearish.